First Union National Bank
is upgrading the automation of its mutual fund back-office processing with the Mutual Fund Desk
suite of software from Vertical Management Systems
(VMS). The Mutual Fund Desk software provides First Union with a package of back-office systems, linking mutual fund trading, reconciliation and income processing.
First Union processes trades, income and reconciliation for more than 4,500 mutual funds daily with the Mutual Fund Desk.
"Automating our mutual fund operations is an essential step in maintaining our advantage in an increasingly competitive market," noted Leon McLennon
, senior vice president of First Union's National Trust Services Group. "After completing a year of extensive research and analysis, we chose VMS because of their ability to offer a single, 'straight-through,' automated solution that interfaces with our trust accounting system and other systems within the Bank."
The Mutual Fund Desk includes:
-- The Mutual Fund Trading Desk -- An automated mutual fund trading
platform linked to Fund/SERV
and First Data
's DAZL product
as well as other electronic and manual trading interfaces
-- The Mutual Fund Reconciliation Desk -- An automated mutual fund
reconciliation system linking First Union's trust accounting system
's Networking, DST, First Data, Vanguard and Fidelity
-- The Mutual Fund Income Processing Desk -- An enhanced mutual fund
income processing system electronically linked to the mutual fund
complexes and First Union's trust accounting system
-- Specialized Information Services -- A data subscription service providing mutual fund distribution announcements, daily accrual factors and audited net asset values for
100% of the mutual funds held in First Union's client accounts
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